Protests Cause 50% Drop in Lagos Food Prices

Protests Cause 50% Drop in Lagos Food Prices

Prices of perishable food items in Lagos have dropped by about 50% amid the ongoing nationwide hunger protests, according to the News Agency of Nigeria (NAN). The #EndBadGovernanceinNigeria protest, aimed at highlighting economic hardships, is set to end on August 10.

Traders and buyers at Ile-epo food market in Alimosho/Agege confirmed the price crash. Mr. Rabiu Aliu, a tomato trader, noted that a 50kg basket of tomatoes now sells for N40,000 to N50,000, down from N80,000 to N100,000 two weeks ago. Similarly, a 25kg basket now costs N18,000 to N19,000, compared to N30,000 to N40,000 previously.

Mrs. Mukit Afolabi, another trader, reported that the protest has significantly reduced customer turnout, leading to price drops. A 5kg basket of tomatoes now sells for N4,000, down from N12,000 two weeks ago. However, prices of some items like scotch bonnet peppers have increased due to supply shortages.

Foodstuff trader Mr. Ibrahim Ahmed observed price drops in staples like rice and beans. Short grain rice now sells for N73,000 per 50kg bag, down from N83,000, while long grain rice is N78,000, down from N87,000 to N88,000. A paint bucket of honey beans now costs N10,000, down from N12,000 in July.

Conversely, prices for items such as groundnut oil and palm oil have surged. Mrs. Hope Osagie, a trader, reported a 25-litre container of groundnut oil now costs N60,000, up from N38,000, while palm oil has risen to N36,000 from N27,000 in July.

Buyer Mrs. Anuoluwa Olayinka expressed excitement over the reduced prices, noting that traders likely cut prices to minimize losses due to low market activity. Another buyer, Mrs. Ada Uzor, attributed the price drop to the ongoing protests but highlighted the general unpredictability of food prices.